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US ISM Manufacturing On Tap

The USD saw bullish momentum against its major currency rivals yesterday. The greenback saw positive trends throughout the trading day as the Chicago PMI rose and beat forecasts and even more importantly, the Crude Oil lost some grounds and was traded at around $140 a barrel. The USD was on a bearish trend last week and traders were looking for some positive news to help the USD rally back. After trading at above 1.58 versus the EUR, the USD regained some grounds and the cross was traded at the mid 1.57 zone.
Yesterday’s bullish trading by the USD was sparked by the economic release of the Chicago PMI. This indicator showed that business activity in the US midwest increased unexpectedly in June and is a sign of future economic growth. In an interview yesterday, U.S. Treasury Secretary Henry Paulson said that a strong dollar is in the U.S. interest and added […]

Original post by Forextvblog

This entry was posted on Tuesday, July 1st, 2008 at 12:02 am and is filed under Crude Oil, currency trading, forex, Daily Forex Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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